Short-Term Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following tables summarize the estimated value of the Company’s short-term investments as of March 31, 2025 and December 31, 2024:


	March 31, 2025
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value







Commercial paper	$	3,647	$	2	$	(1)	$	3,648
Corporate notes	23,635		32		(13)		23,654
U.S. Treasury securities	29,551		21		(6)		29,566
U.S. Government agency securities	23,814		28		(10)		23,832
Total short-term investments	$	80,647	$	83	$	(30)	$	80,700


	December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value







Commercial paper	$	2,258	$	5	$	—	$	2,263
Corporate notes	27,082		41		(31)		27,092
U.S. Treasury securities	14,851		7		(6)		14,852
U.S. Government agency securities	33,687		43		(18)		33,712
Total short-term investments	$	77,878	$	96	$	(55)	$	77,919

There were no realized gains or losses during the three months ended March 31, 2025 and 2024. The Company evaluates securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether the Company intends to sell the securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three months ended March 31, 2025 and 2024. As of March 31, 2025, the Company does not intend to sell the investments and it is more likely than not that the Company will not

be required to sell these before they mature. There were no securities in a continuous unrealized loss position for 12 months or longer.

As of March 31, 2025, the fair value of short-term investments by remaining contractual maturity consisted of the following:


(in thousands)	Fair Value
Remaining maturity date one year or less	$	51,783
Remaining maturity date greater than one year	28,917
Total short-term investments	$	80,700